REGISTERED NUMBER: 07469188 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

Ignis Wick Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J D Scott

Mrs C Phillips

REGISTERED OFFICE:

Office 206/207 Merlin House

Brunel Road

Theale

Reading

RG7 4AB

REGISTERED NUMBER:

07469188 (England and Wales)

AUDITORS:

Willsons (Higham Ferrers) Ltd

Chartered Accountants

Statutory Auditors

Carlton House

High Street

Higham Ferrers

Northamptonshire

NN10 8BW

FIXED ASSETS

Intangible assets

4

220,647

228,589

Tangible assets

5

5,834,952

6,004,899

6,055,599

6,233,488

CURRENT ASSETS

Stocks

237,321

249,469

Debtors

6

608,856

342,681

Cash at bank

34,458

35,070

880,635

627,220

CREDITORS

Amounts falling due within one year

7

556,932

454,347

NET CURRENT ASSETS

323,703

172,873

TOTAL ASSETS LESS CURRENT LIABILITIES

6,379,302

6,406,361

CREDITORS

Amounts falling due after more than one year

8

11,219,973

9,781,792

NET LIABILITIES

(4,840,671

)

(3,375,431

)

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

11

2,208,164

2,281,486

Retained earnings

(7,048,935

)

(5,657,017

)

(4,840,671

)

(3,375,431

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mrs C Phillips - Director

1.	STATUTORY INFORMATION

Ignis Wick Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

Judgements made by the Directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed below.

The preparation of financial statements management are required to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based upon historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only the period or in the period of revision and future periods if the revision affects both current and future periods.

Management consider the following to be a significant accounting policy or a key source of estimation uncertainty for the preparation of the financial statements:

Going concern

The company is in a net liability position and relies on the support of its group and ultimate parent entities to meet its liabilities as they fall due through group loans and the discretion to defer any payment of the group loan interest if it has insufficient funds available. The directors have made enquiries of these entities, and they have indicated that they will continue to provide such support as needed.

The company's forecasts and projections taking account of reasonably possible changes in trading performance, and continued group support show the company to be a going concern.

On this basis the directors believe that the company will have adequate resources to continue in operational existence and meet its obligations as they fall due for a period of at least twelve months from the date of signing the financial statements. Therefore, the directors consider it appropriate to continue to prepare the financial statements as a going concern.

Recoverability

Due to the nature of the contracts between the company and customers there may be disputes around the calculation of revenue related to heat output. Such disputes may suggest that a portion of the amounts are not recoverable. As such there is a level of judgement around the collectability of accrued income and trade debtor balances.

Revaluation of tangible assets

Due to the specialised nature of the property and machinery, the value has been estimated using a reinstatement insurance cost assessment adjusted to take account of wear and tear incurred to date and is not based on the evidence of sales of similar assets in the market. Therefore the increased values of the assets using this type of method is subject to the adequate long term profitability of the business. Changes in the valuations would have a significant impact on the company's net asset value. No independent professional revaluation has been undertaken since 2013 as the directors believe there would be no material change under this method.

Useful lives of depreciable and intangible assets

The annual depreciation and amortisation charges depend primarily on the estimated lives of each type of asset. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have significant impact on depreciation and amortisation charges for the financial year.

Impairment of tangible assets

Determining whether tangible assets are impaired requires an estimation of the value in use of the cash generating units to which assets have been allocated. The value in use calculation requires the directors to estimate the future cash flows to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual cash flows are less than expected, a material impairment may arise. The directors are satisfied on review that there is no impairment charge to recognise on tangible and intangible assets in the financial year.

Turnover

Turnover is measured at the fair value of the consideration receivable, net of discounts and Value Added Tax.

Revenue represents:

-RHI revenue, this is determined by the energy produced and submitted to Ofgem within the terms of the Renewable Heat Incentive Scheme.

-Heat revenue, this is amounts recoverable from multiple contracts with customers for heat generation.

Revenues from the above are recognised when the services are rendered on the basis that it is probable that the company will receive the income and that the outcome can be estimated reliably based on the data of energy produced.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of forty years.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on valuation

Long leasehold

-

2% on cost

Plant and machinery

-

at varying rates on cost

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stock are valued at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments

Assets acquired under hire purchases finance are capitalised and depreciated. The payments are apportioned between the finance charge and the reduction of the outstanding lease liability. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Impairment of fixed assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2024

and 31 December 2024

317,781

AMORTISATION

At 1 January 2024

89,192

Amortisation for year

7,942

At 31 December 2024

97,134

NET BOOK VALUE

At 31 December 2024

220,647

At 31 December 2023

228,589

5.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2024

151,304

962,256

8,596,056

9,709,616

Additions

-

39,200

378,338

417,538

Disposals

-

-

(144,200

)

(144,200

)

At 31 December 2024

151,304

1,001,456

8,830,194

9,982,954

DEPRECIATION

At 1 January 2024

30,974

206,782

3,466,961

3,704,717

Charge for year

3,026

29,686

447,825

480,537

Eliminated on disposal

-

-

(37,252

)

(37,252

)

At 31 December 2024

34,000

236,468

3,877,534

4,148,002

NET BOOK VALUE

At 31 December 2024

117,304

764,988

4,952,660

5,834,952

At 31 December 2023

120,330

755,474

5,129,095

6,004,899

Cost or valuation at 31 December 2024 is represented by:

Freehold

Long

Plant and

property

leasehold

machinery

Totals

£

£

£

£

Valuation in 2013

-

557,182

2,487,127

3,044,309

Cost

151,304

444,274

6,343,067

6,938,645

151,304

1,001,456

8,830,194

9,982,954

The energy centre building and the district heating network were valued externally as at 31 May 2013 by Mr M Radmilo MRICS MSCS of Rushton International. They were valued based on the reinstatement insurance cost assessment adjusted to take account of wear and tear incurred to that date.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1 January 2024

144,200

Additions

172,826

Disposals

(144,200

)

At 31 December 2024

172,826

DEPRECIATION

At 1 January 2024

25,235

Charge for year

29,300

Eliminated on disposal

(37,252

)

At 31 December 2024

17,283

NET BOOK VALUE

At 31 December 2024

155,543

At 31 December 2023

118,965

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

51,947

116,669

Other debtors

49,500

49,500

VAT

61,202

16,519

Accrued income

299,688

140,830

Prepayments

146,519

19,163

608,856

342,681

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

The Energy Saving Loan

26,988

65,319

Hire purchase contracts (see note 9)

30,615

32,010

Trade creditors

415,003

307,414

Accrued expenses

84,326

49,604

556,932

454,347

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Energy Saving Loan 1 - 2 yr

-

27,117

Hire purchase contracts (see note 9)

92,400

54,048

Amounts owed to group undertakings

11,127,573

9,700,627

11,219,973

9,781,792

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

30,615

32,010

Between one and five years

92,400

54,048

123,015

86,058

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

1,000

1,000

Between one and five years

4,000

4,000

In more than five years

2,000

3,000

7,000

8,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

123,015

86,058

Hire purchase debts are secured on the asset under the agreement, as disclosed in the fixed asset note.

11.

RESERVES

Revaluation

reserve

£

At 1 January 2024

2,281,486

Excess revaluation depreciation

(73,322

)

At 31 December 2024

2,208,164

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Baird FCA (Senior Statutory Auditor)

for and on behalf of Willsons (Higham Ferrers) Ltd

13.	RELATED PARTY DISCLOSURES

At the year end the company owed its parent company £10,033,383 (2023: £9,391,193). There are no fixed terms of repayment on the loan element of the balance. The company also owed £1,0194,190 (2023: £309,434) to Gren Energy Limited with repayment due in July 2028.

14.	ULTIMATE CONTROLLING PARTY

The Company's immediate parent is Ignis Biomass Limited.

Ignis Biomass Limited's parent Gren CHP Limited, has been replaced by Gren Energy Limited incorporated in England. Gren Energy Limited ultimate parent is Gren Holding 1 S.a.r.l. incorporated in Luxembourg. The ultimate controlling party is the Partners Group Holding AG in Switzerland.